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Warner Bros. Discovery’s board is reportedly set to advise shareholders to reject Paramount Skydance’s $108.4 billion takeover bid, with a decision likely to be announced as soon as Wednesday. The development marks the latest twist in the intense competition for the media giant’s sprawling assets.
The prestigious portfolio includes Warner Bros.’ historic film and television studios, home to the HBO and HBO Max streaming services, as well as a vast library of films ranging from classics like “Casablanca” and “Citizen Kane” to modern hits like “Harry Potter” and “Friends.”
Securing these assets will give the successful bidder a significant advantage in the ongoing streaming wars.
Earlier this month, Netflix emerged as the preferred contender for Warner Bros.’s non-cable assets with a $27 cash-and-stock bid.
Paramount CEO David Ellison then went straight to Warner Bros. shareholders and made a cash bid of $30 per share for the entire company.
Paramount has claimed in regulatory filings that its offering is better than Netflix’s and would benefit from a clearer path to regulatory approval. Its offering is backed by $41 billion of new equity, backed by the Ellison family and Redbird Capital, and $54 billion of debt commitments from Bank of America, Citi and Apollo.
Meanwhile, Jared Kushner’s Affinity Partners, previously a financing partner for Paramount, is reportedly withdrawing from the bidding process.
A spokesperson for Warner Bros. Discovery declined to comment on the matter. Paramount and Affinity Partners did not immediately respond to requests for comment.
As he seeks, in his effort to gain Donald Trump’s approval Warner Bros. Swallow DiscoveryParamount Chief Executive David Ellison told White House officials in recent days that he would make “sweeping changes” to the cable news channel that most provokes the president’s ire: CNN.
according to wall street journalAlison – who Launches $108 billion hostile takeover bid WBD recently traveled to Washington to reassure Trump administration officials that CNN would get a fresh look if they bought the network’s parent company, after Netflix and Warner announced their deal last week.